Dave Savage, co-founder and CEO of Mortgage Coach, shares his entrepreneurial story, why he started the business, and the pivotal moments that led to becoming an impact-driven, leading technology in mortgage.
As a prominent thought leader in the industry, Dave shares specific thoughts on where the industry is going with technology and what professionals and consumers can expect over the next five years. Kristin shares her journey in experiencing the impact of Mortgage Coach personally, the psychology of finance and homebuying, and they discuss their upcoming article in HousingWire on the digital shift.
An excerpt from the interview:
Kristin Messerli: You are such a visionary in that space, and would love to know from you, what is your vision for the future in technology? That’s a very broad question, but I know you have thoughts on it.
Dave Savage: Yeah, I’m going to answer it in a couple different ways. Two things that we’ve seen happen in the mortgage space so far is we’ve seen a lot more competition in a lot more categories of competition, meaning a few years back, and you and I put this at a couple of our articles that we wrote, it used to be four or five categories of competition for a loan. You had banks, you had credit unions, you had mortgage brokers, you had independent banks. Now, you’ve got dozens of categories of competition. Every real estate company owns a mortgage company, platforms are getting into the mortgage business, disruptors are getting into the mortgage business, Wall Street is going directly to the consumer. You’re seeing a lot of innovation, a lot more competition, and I do think that will continue.
I think it’s a question of time until a Home Depot or a Lowe’s owns a real estate company. This goes for mortgage and real estate. Everybody’s going to be in the mortgage and real estate space. That’s for sure. Obviously the self-serve digital experience, there’s going to be people that have refinanced their house half a dozen times, they’re pretty savvy. When you leverage technology, a lot of that can be automated. So, are there going to be more, do-it-yourselfers? Of course. The DYI, or DIY, community is going to continue to grow. I do think one thing that we’ll see a consolidation of is right now families have a lot of different platforms that they have to go in to do life, and to do loans, and to do homes. There’s going to be less platforms for the consumer, more unification.
As loan officers, if you’re listening to this, or real estate professionals, you have a lot of platforms that you log into. Got to log in here, got to log in there, got to log in there. You’re going to see more unification, less platforms. I think the integration we have with Experience.com is just a great example of innovation today, but an eye into the future of tomorrow. Mortgage Coach is this rates, fees, video, streaming, interactive integration, but you click on it and there’s data from Experience.com. The most recent review, it’s all unified, simple and easy. If you’re a loan officer, you didn’t have to do anything. It’s like your company has these two relationships, and now your technology just works. So, radical simplification for both consumers and users.
Again, that’s an opportunity, and it’s a challenge, and a threat, but I do think the referral-based local professional that leverages tech, leverages media… This decade, we’re in 2021 through 2030, I think it could be the best decade you’ve ever seen. If, again, you’ve got to leverage these tech platforms, you’ve got to be savvy with how you use them.
Kristin Messerli: Yeah. With that in mind, my next question was going to be where you see the industry changing as a result of technology over the next three to five years. It sounds like that unification of platforms. Is there anything else that, and also with everyone getting into the mortgage business, that’s going to change things from a consumer perspective, any other thoughts on how the industry is going to change over the next few years?
Dave Savage: I don’t know how new this concept is, because it’s been around for a long time, that leadership is a good thing, like the better leader you are, the more successful you are. I don’t know that that’s a new idea, but I do think you’re seeing, like with loan officers, you’re seeing more teams, and you’re seeing that you’re either on a team or you’re leading a team. It’s not to say that the solo individual loan officer that can do it all, and just do enough business to not afford a team, is gone. But I see that trend, where leadership continues to be a differentiator. The better you are at managing and leading yourself, the better you are at managing and leading teams, the more it plays into you and your success.
I also think this concept that everybody’s a marketer. That’s not a new idea, but I do think the era that we’re in right now, everybody’s got to be a marketer. You’ve got to be good at headlines. You’ve got to get behind video. Again, you’ll just see that the folks that they’re good leaders, they’re leveraging technology, they’re marketers, they’re creating video, they’re doing like you, you’ve got a podcast now, always going to have a seat at the table, always. Regardless of how big the do-it-yourself community becomes, regardless of how much automation it is, if you’re a good marketer and you’re a good leader, you’ll always have a seat at the table at the local referral-based lending business.
Kristin Messerli: Yeah, that’s so true. That’s a really important thing to keep in mind as technology grows. We’re using technology for that leadership in a lot of ways, but that is so crucial. It doesn’t matter how much extra technology you have. It matters that you’re being a leader with that technology, and with your consumer base.
Dave Savage: Yeah. I’ll give a good example. We do a Mastermind at Mortgage Coach, every Friday morning at nine o’clock. This morning we had Jeremy Forcier, and Debra Bird, who’s a great social media marketing consultant in our community. She was advocating that Jeremy, same time every week, does a Facebook Live and talks about advice. That’s just a perfect example, where if you did that a bunch of things happen. 1) If you literally did this advice show, your a loan officer and he did this advice show where you talked about kind of like, “A family came to me”, before and after debt consol, before and after refi, before and after first-time home buyer. 1) You’d be a better advisor at what you do. Then, leveraging Facebook Live, leveraging technology, you’re better at what you do and you’re broadcasting what you do. I just think that plays into what you need to do this decade.
Kristin Messerli: Totally. And you’re building trust at scale, so people look you up and they can see, “Oh, this is someone I can trust, I’m going to learn from. They’re going to guide me in a trustworthy way.”
Dave Savage: “Building trust at scale”, Kristin Messerli.